Here is another story that outlines everything that is wrong with Chase. Homeowner applies for a modification numerous times over 9 months. Chase loses paperwork, sends paperwork to the wrong address, approves them for a program they repeatedly tell Chase they don’t qualify for, and is abusive on the phone. They won’t accept mortgage payments for 9 months and then demand a huge balloon payment or they will foreclose. Can Chase really be that inept, or is this an explicit strategy they are practicing?
According to this article, Chase is the only major mortgage servicer to not offer principal forgiveness.
I had to laugh at this latest loan modification story. Chase would take so long to process their paperwork (the times they didn’t lose it) and then come to the conclusion that the paperwork was too old and needed to be resubmitted.
JP Morgan Chase may have recently reported that its credit card losses were improving, but it appears that their buy-backs of bogus mortgages is increasing at a rate that will far offset the credit card improvements.
Well this is interesting. There has been some talk about a glitch with computer systems during the WaMu to Chase conversion that wiped out about 4 months worth of loan modification data. That would certainly explain why Chase keeps asking people for the same stuff again and claiming they haven’t received paperwork.
Of 437,323 borrowers in trial loan modifications, JP Morgan Chase managed to convert a paltry 20,450 into permanent modifications in February. Woo hoo.
Man, where to start on this one. Customer gets approved for a temporary loan mod and pays for over a year only to find out that Chase had rejected a permanent mod and was about to foreclose. They never contacted him to inform him of any of this. Same customer deposits a check and Chase reads the amount wrong and as a result the customer gets several NSF charges. He asks them to correct this so they … close his account? Yea, that sounds like Chase. (story)
If you want to hear a Chase spokesman blame their lack of permanent loan modifications on other people, then go here.
Loan modification | admin March 27, 2010 | 
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